2025 March Market Cap Madness Championship: Andy v. Emily
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Round one of our March Market Cap Madness Final Four could not have been closer. Two weeks ago, defending world champion Andy Cross needed to go to tiebreakers to defeat Matt Argersinger 6-5. Last week, Emily Flippen needed to go to tiebreakers to hold off Bill Barker 6-5. Such is the madness of March. This week is for all the marbles. Andy Cross is back. Emily Flippen is back.

And here you are. You're back, too, for the March Market Cap Madness World Championships. Are you ready to get your market caps on? Buckle up. Only on this week's Rule Breaker Investing. It's the Rule Breaker Investing podcast with Motley Fool co-founder David Gardner.

Welcome back to Rule Breaker Investing. It's our March Market Cap Madness World Championship Final. With me in studio are Andy Cross and Emily Flippen with their jester-shaped thinking caps on to see who can out-market cap the other for the grand prize. Andy, Emily, and you, the third player to us, the most important player.

is you, you're playing along too with your spouse or partner, your kids, or your stock market loving mates who group around the office water cooler.

As we get ready to crank up our Market Cap Game Show music, let me just briefly remind, especially our new listeners, new players this week, how this game works. I'll be mentioning a stock. Neither Andy nor Emily knows what stock is coming. I'll turn to one of them to talk a bit about whatever stock they didn't know was coming, and that fool will do their best to state a numerical range within which the market cap, the value of that company, falls.

Now, the other contestant and you playing at home will simply say, "I agree," meaning that's accurate. The stock's value falls inside that stated range

Or, I disagree. I think it's outside that range. So, you simply agree or disagree. And if you get it right, give yourself a plus one. That's the Market Cap Game Show. We're focused on the real market caps of real stocks. Recording as of Friday morning around 11 a.m., March 14th. A few days earlier than usual to accommodate spring break schedules.

So, please note, side note, that these market caps could change a bit by the time you're hearing this on Wednesday, March 19th. So, players at home, score along with us, but double-check your math if you want to play it live. As of the day this comes out, Wednesday, March 19th, a perfect score in the Market Cap Game Show would be 10.

All right, when he's not tossing ceremonial first pitches, judging chili cook-offs, or dazzling school assemblies with motivational pep talks, just a taste of the glamorous duties that come with being the Market Cap Game Show's reigning world champion, Andy Cross works on Stock Advisor backstage and with my brother Tom Gardner on his everlasting services like Hidden Gems.

Oh, and by the way, Andy's the Motley Fool's chief investment officer, where he's tasked with helping our investment teams produce the best guidance and experience for you, our members and listeners. Oh, and by the way, he's pretty good at this game. Welcome, Andy. Hi, David. Hi, Emily. I just got to say that happy Pi Day to everyone, March 14th.

You're right. Now, as this airs, that's five days ago. So, for most of our listener base right now, you're wishing them happy Pi Day five days ago. I do want to say, I do have my new Pi socks on. No way. With all the Pi digits up to a certain number. Now, I cannot get past 3.114, but I'm hoping that these digits will give me some inspiration for the market cap game show today, because my competitive...

Nature's against a very astute competitor in herself, Emily Flippen. I will say, knowing this new piece of information about Andy, I want to suggest that for any potential tiebreakers today, we go to who can recite the most digits of pi as opposed to a market. 3.14159? That's as far as I got. Something like that. Okay. But Andy can just look down at his socks, so we can't go there. Let's not have a tiebreaker. I'm sick of tiebreakers. Let's just win this outright. Andy, let me turn to you for stock No. 1.

Has a company's text message or push notification ever genuinely delighted you? Or conversely, conversely made you want to delete the app forever? You know, David, I can't say something specifically comes to mind, so I got to say no.

So, nobody in your mind is doing it really right right now, or not, for you when it comes to customer engagement and personalized communication? Maybe I'm just not using text messages enough on certain applications, but I can't say anything jumps to mind. Alright. Let me try the corporate tagline on you then, Andy. This is the big opening line on Stock No. 1's website. You ready? I'm ready. "There's never been a better time to be a better marketer."

I'm not quizzing you what the company is. I'm asking you, is that a good tagline? I don't think so. I'm saying, I'm giving that a 5 out of 10, Dave. Well, Braze, ticker symbol B-R-Z-E, offers a customer engagement platform that helps brands

build meaningful connections, I'm going to say with some people anyway. Not me, but apparently some people, yes. Ticker symbol BRZE. Andy, is this a company you've ever heard of before? I have heard of Braze. I believe we use them at The Motley Fool. Okay then. In that case, Andy, let me turn to you and ask you, what is your stated market cap range for Braze Inc., ticker symbol BRZE? It's a breeze, right? Now, knowing of the company, knowing much about the market cap and the ticker are two different things, David. But I

I think this is a relatively small company, so I'm going to say $2.9 billion to $4 billion.

Emily, Andy said $2.9 billion to $4 billion. Players at home, Emily Flippen, do you want to agree with Andy's market cap range, $2.9 billion to $4.0 billion, or disagree? I was really hoping during your open there, David, that this was going in the direction of Twilio, a similar communications company that I think I know much better than Braze. That being

That being said, I did say something during my time on Survivor, which didn't do wonders for me on the TV show, but I'm hoping it'll do better for me here, which is, you have to risk it for the biscuit. And I'm fearful that Andy's range is fairly accurate. It's a fairly tight range for a company that he seems to be claiming he is not all that familiar with. But I feel like Bray's is potentially smaller than the bottom side of that range. So I'm going to

All right, Players of the Dome, Emily disagreed. What did you do? All right, and if you...

Disagreed. Give yourself a minus one. Unfortunately, you should have agreed because Andy nailed it. $3.51 billion, definitely within, almost right at the midpoint of Andy's 2.9 to 4.0 range. Score plus one for Andy Cross. Andy, thoughts about Braze? I just thought it was less than $5 billion, and for some reason I went a little bit less than $3 billion, and that was kind of it.

You were kind of close either way, Emily. And Players at Home, that was an excellent start. The company's original name, check it, was, get this, App Boy. Oh, well, at least they improved upon that. And I was imagining, if we were to recommend that stock to our members, and it's like, hey, honey, yeah, just put part of our early retirement hopes in a new stock.

Appboy. The question is, is it better than Applovin? Well, I actually think Applovin exceeds Appboy, just in the grand scheme. But this is all part of history now, because in 2017, they changed their name to Braze, went public in 2021. The stock was first picked by Motley Fool Rule Breakers in July of 2022. It's down 20%.

The market's up 35%, so that one's been a loser over about three years now. Ah, but undaunted, the team re-upped the stock again in December of that ugly -- remember 2022? -- ugly year.

That pick is now up 30%. That's about in line with the market. It's still early days here, right? Invest for at least three years. That, anyway, is for me, habit No. 3 of the Rule Breaker Investor. Yeah, let's not score things too short, too narrow. Let's invest. Alright. Andy Cross, one. Emily Flippen, zero. Let's move on to stock No. 2. Emily Flippen is an advisor at The Fool, where she helps lead the stock advisor team with fundamental research.

on companies, particularly those that exemplify David's six traits of a Rule Breaker stock. Outside of her work at The Fool, Emily co-starred on season 45 of Survivor, which she just lightly referenced.

Going to risk it for the biscuit? Maybe not moving forward. I think, you know, fool me once, shame on you. Fool me twice, I have to take credit for this one. All right. Well, we shall see. Emily continues to enjoy her failed attempts to train her cats. Now, I did reference that when you were on last week, Emily, but let me just dive in quickly there. What's happening? Yeah, I have two cats, each of them problematic in their own ways, but one of which is

as we've discovered, incredibly territorial. Nothing medically wrong with him, but if he can pee on something, he will find a way to pee on it. So, we've been in a year-plus long journey and attempting to positively reinforce the decision not to pee outside of the litter box very unsuccessfully so far. Alright. Cat loving. Cat boy? Alright, let's move on. Emily, this is your first shot at a world championship. Welcome. Thank you. Good to be here.

Stock No. 2. Emily, are you a Jason Statham fan? I couldn't even tell you if that's a singer, an actor, a politician. Excellent. Let me keep going. What about Gal Gadot? Now, that is a name I do recognize. She's Wonder Woman, right? Yeah, among other things. Do you happen to remember Jason Statham and Gal Gadot appearing in this company's Super Bowl ad? They appeared together in the year 2017.

See, now, that would require me to really watch sports. And the truth is, when I go to Super Bowl parties, I am sitting next to the pizza and the wings and paying as least attention possible to the TV. Well, in this ad, it's kind of like at a bar, and it turns into a rough-em-up bar fight scene. You can imagine Statham and Godot knocking people out at

At the end of the ad, the company's tagline airs, "Create your stunning website today. It's easy and free." Israel-based Wix.com is the company we're talking about having hired Statham and Godot eight years ago for that Super Bowl ad. Emily, do you have any facility or familiarity with this company?

A little bit, actually. During my early days here at The Fool, our CEO, your brother, Tom Gardner, had first recommended Wix, I believe, and me being the angry contrarian that I am. Remember, I went to a meeting where people were understandably positive on the stock, and then I decided to, I don't know, give it five,

10-minute feel about how I thought websites were increasingly commoditized. And if I'm not mistaken, I think Wix has gone on to prove me wrong in that regard. Well, it proved you wrong briefly, but I think it's kind of proved you right over time. But we'll get into that in a sec. Let me turn back to you, Emily. Oh, but wait! We're not just turning to Emily, because this is a throwdown round. So to remind our players at home, stock number two is a throwdown.

Both Emily and Andy will now write down their market cap range for Wix.com Limited, ticker symbol W-I-X. Pencils out, fools. Okay, and all you have to do as a player at home is, once Emily and Andy state their market caps, you decide...

which one you want to go with. Does Emily's range seem more plausible to you or does Andy's? You just say Emily or Andy and if you guess right, give yourself a point. Now there's a chance, by the way, they'll both be right, especially if they use wide ranges. If they're both right, the tighter range wins the point. And if they're both wrong,

And it does happen. In fact, it happened last week in a controversial moment. If they're both wrong, in that case, listen to me carefully, Bill Barker. Whoever's nearest parameter is closer to the actual market cap gets plus one. Again, this is a throwdown. We do this twice every show. Stock number two, Wix.com Limited. Emily, I'm going to turn to you first.

What is your market cap range for WIX? So, I almost lost the last market cap game show by giving ranges that were simply too wide. And I feel fairly confident when I say that, generally speaking, I think Wix is around a $10 billion company. Within that,

It could be $8 billion, it could be $12 billion, but I'm going to, for the sake of not losing this again, give a tight range of $9.5 billion to $11 billion. $9.5 billion to $11 billion. Andy, what did you write down? I hope we're a little bit smaller than that, because I'm going $6 billion to $10 billion. $6 billion to $10 billion.

Players at home, you now have a choice. Do you want to go with Emily, 9.5 to 11, or Andy, 6 to 10? I'm going to give you three seconds. Say their name out loud. 3, 2, 1. You're locked in. I need to announce ahead of time, they both nailed it. But Emily had the far tighter range of 9.5 to 11 billion. Wix.com limited $9.72 billion, plus one to Emily. Emily, the low end of your range, 9.5.

Getting a little scarily close there. Maybe I overcompensated with the tightness of that rain. Risking it for the biscuit? Risking it for the biscuit. And I get to eat this time.

And before we move on to stock No. 3, I'll just mention, yeah, there was a period in 2018-19, my brother Tom, a bunch of Fool services all took a liking to this stock around $100 a share. Then there was a period in 2020-2021 where a bunch more Fool services all liked it closer to $250 a share. Stock is around $170 today. So, those 2018 picks look a lot better, as you might imagine, than the 2021 ones.

Just since this January, big decline in stock from $240 to $170, although I would like to mention that it's, along with a lot of other "I peaked earlier this year" stocks. So, that's Wix.com. Let's move on to stock No. 3. We have a tie game. Andy won. Emily won. What about you at home? 0, 1, or 2? Andy Cross, have you ever had a good-sounding thesis for a stock you were researching and picking,

And maybe you even got it generally right. But for other reasons, stock didn't pan out. Years and years later. Disappointment.

Sure. I mean, David, I think a lot of times, unfortunately, we think we have all the right answers, but this comes with investing, and it doesn't work out, even though the businesses can continue to do well. It's like a company, I think, about Pubmatic, an advertising company, in a very competitive space, but they have a founder-led business, they own a lot of their own IP, it's profitable,

And that stock, at various points, just has not worked out for us long-term. I still am encouraged by its prospects, but that one has just been one of the ones that I've just -- including more recently, it's just been a disappointment. I would say anyone who has invested over any meaningful period of time, at least three years,

probably has one or more stocks that we've thought, "Yeah, I think I know where this is headed." And you were right about the world, but for whatever reason, the stock didn't go your way. By the way, it can work out the other way sometimes, too. It can surprise you to the upside. Shocking that something -- for me, anyway, Priceline all of a sudden morphed into Booking, all of a sudden became a world-beater from the William Shatner-sung

ad jingles, which I think were Super Bowl ads back in the day themselves. Anyway, Andy, stock No. 3 for me is one of these kinds of stocks. It was 2012, I was like, "Natural gas? The future is going to be natural gas. There will be more demand for natural gas." And in fact, there has been. And this company is a leading U.S. pipeline company for natural gas.

It was a dividend play as much as anything. It was paying, back when I recommended it in 2012, a 4% dividend yield. And guess what? 13 years later, it has a 4% dividend yield today. The problem is, the stock is actually below where it was

back then. Kinder Morgan, ticker symbol KMI, is stock No. 3. Andy and Emily, I see you both nodding a little bit. Clearly, I'm not surprising you with something you've never heard of. Well, that's true. No, I know we both have heard of it. I'm just thinking about how big it is now, because it has been on our scorecard for a long time.

Well, Kinder Morgan, actually, we had it in Stock Advisor. I believe it was a recommendation from both Tom on Team Hidden Gems as well as you, David, on Team Warbreakers. That's true. I was 2012. Tom, I think, recommended it in 2015. Yes. And while I do think you're right, Thethis was still there and still continues to be there for the company. Great U.S.-based pipeline player. Still a great dividend-based investment for investors looking for yield. We ultimately did decide to sell it at the end of last year out of Stock Advisor, both of those positions.

in part just because we thought there were better, from a capital gains perspective, better opportunities for investors looking to beat the market. I think you are right. We're going to talk about the stock in just a sec, but let me turn back now to Andy. Andy, what is your stated market cap range for stock No. 3, Kinder Morgan, ticker symbol KMI? None of this is really helping me think through the market. We were trying to grow solid. I appreciate it. I appreciate it. So, I'm going to say between...

$5 billion to $8 billion. Emily Flippen, players at home, do you want to agree or disagree? Once again, I'm having ServiceNow flashbacks where I could be off by a factor of something sizable here. But I think Kinder Morgan is much larger than that. I almost want to say that I think Kinder Morgan is getting near

$100 billion? I could be entirely off base. Again, I said at the beginning of last show, I'll say it again. Off by hundreds of billion is oftentimes par for the course for me. But because my initial inclination is to think that Kinder Morgan is much larger than that, I am going to disagree. Alright. Emily has disagreed. You at home?

Alright, I hear you. And if you disagreed with Emily, give yourself a +1. Kinder Morgan is substantially bigger. This is a company, again, that I recommended 13 years ago. It's underperformed over time. And yet, it always has been pretty big. It lives in the midstream, between the upstream of oil discovery, gas discovery, where they're drilling, and then the ones that really provide it to us, to the power companies, etc. They are the pipelines.

$59.94 billion, just short of $60 billion. Emily, with your comments, you pretty much nailed it. Well, again, off by a factor of $40 billion there, but I'll take the win.

Yep, the stock was at $35 a share in 2012. As we mentioned, Tom took a liking at $40 in 2015. It was crushed down from our cost basis in the high 30s to just $15 a share a year later. That was the end of 2016. It's rattled around between $15 and $25 over the eight years since, continuing to pay that 4% dividend. Just not a very good stock pick on my part. Let's move on to stock No. 4. Emily, to Andy1. Emily.

Your exercise regimen, please. What is you, at your best, maybe a tip we can all learn from, and do you have a guilty pleasure you'd like to share that may just be undermining your health? Oh, I love this. I have more guilty pleasures undermining my health than I

that I could even list off here. But the most obvious one is my terrible addiction to Diet Coke. I have tried for years and years to kick that diet soda addiction, but I always managed to relapse. That being said, I do tell myself that I make it up in occasional very light jogs. And I have been trying to weight lift very recently, just over the course of the past month. And I'm realizing I hate it. I hate it so much. I'd rather be doing cardio any day of the week.

Well, it was fashionable a few years ago, Emily. Did you ever find yourself purchasing a branded exercise bike for your home and follow along with glam celebrity coaches via remote video hookup? Yeah, there's a certain level of public embarrassment you expect when you come onto the Market Cap Game Show.

Not what I was expecting. But the answer is yes, David. Although I will say, I think Peloton is probably coming to people's minds. I was much too cheap for the Peloton. I went with the off-brand, I should say, alternative brand NordicTrack. And yes, of course, this was during the pandemic. All right. And yes, of course, we are talking about Peloton Interactive, ticker symbol P-T-O-N.

I hate this week's show because it has some of my worst personal picks I've ever made for our services, this being one of them. We'll talk about that in a sec. Emily, your stated market cap range these days for Peloton Interactive, ticker symbol PTON. I might be setting myself up for a Kinder Morgan fall here. I think Peloton is a much, much smaller company. While I know there has been some rebound from its lows, I think

From the perspective of a market cap, I don't think we're looking at a multi-billion-dollar company here. I'm inclined to say that Peloton's market cap is somewhere between $1 billion to $3 billion. $1 billion to $3 billion. Andy, have you ever made a purchase from Peloton.com? I have not. I have plenty of exercise guilt, but one of buying the Peloton and having it sit in the corner is not one of

Andy, I will say, and you and I are about the same age, you're maybe a few, I mean, you're in excellent shape, may I say. How do you do this? Well, I do cycle, like indoor cycling, but I do it on a trainer, like a bike trainer. But wait, you don't want to subscribe on a monthly basis to glam celebrity coaches who are talking you through imagined landscapes? Full disclosure, I do subscribe to some exercise cycling apps, just not the Peloton one.

Well, Emily said $1 billion to $3 billion. Andy, you're down 2-1. No pressure on you. This is only the World Championships. This is only stock No. 4. Do you want to agree with Emily's range or disagree with Emily's range? I think she's pretty close with this range, but I actually think it's a sub-$1 billion company now these days. So, I'm going to disagree with Emily. Alright. Andy has disagreed. Player at home? Alright, you just did that.

And Andy, you should have agreed with Emily's range because it's $2.59 billion. The company has made a little bit of a rebound. It dropped. Let's just cover the stock really quickly. I recommended this stock for Rule Breakers at $35 a share in 2019. Get this. Fast forward two years, it's gone from $35 to $250. It's a seven-bagger in two years COVID peak.

As is now well known, it was a massive beneficiary of that COVID peak. By 2022, one year later, our seven-bagger had dropped down below our $35 cost.

En route, by the way, to touching $3 a share within the last couple of years. Down 90% from our $35 cost basis. That was a seven-bagger in its first two years. This is just an astonishingly volatile and ultimately disappointing stock. Today, the stock is, by the way, around six, so doubling up from its low, low lows, but having touched 10 in recent months off that two.

Emily, chalk it up. It's Emily 3, Andy 1. A lot of luck involved in that. When I was guessing, as I'm saying the words 1 to 3 billion, it's occurring to me, is this a 10 billion? And to be honest, the...

reinforcement from Andy that this is potentially a very small cap company now was much appreciated. But I am surprised that it is still, I mean, within my range, but larger, much larger than I expected, even within that range. Yeah, when you said one to three, I was thinking closer to the one side. Then I thought, gosh, it really has struggled and

And so, that's why I went a little bit on the smaller side. And so, I'm glad for those who still are hanging on and own it that it has rebounded off those lows. But clearly, for this game, I was more focused on those lows than where it is today, David. You know, it is interesting, Andy and Emily, when you think about just the brand value of Peloton. I mean, it is a very well-known brand. And sometimes,

There's no specific math or any golden ratio I'm about to throw down here, but when you see a company with a market cap that seems not that far off what I would think its brand recognition -- and I would even say it's an appreciated brand. I think some people, I was having fun. There's been some questionable advertising they've done. There's been some cynicism around Peloton. But I mean,

It stands for good things. It's doing good things in the world. And just at a $2.5 billion market cap, I think the brand's worth about that much. That's a very expensive coat rack for some people in their office. Let's move on to stock No. 5. Turning back to you now, Andy. Earlier, you talked about how notifications, messaging from companies,

doesn't really enter your world too much. You're neither particularly annoyed nor overjoyed by any notifications you're receiving. Yeah, definitely not overjoyed, although I am just very impressed, especially with the world of AI, just the way that firms can automatically communicate. I think that's impressive, but it doesn't bring me joy, David. I am well said. Now, let's stick with a smartphone for a sec here, Andy. Are you someone who eagerly updates your smartphone the moment a new model comes out? 100%.

I don't see your phone out because we can't look at things like phones. We're playing the Market Cap Game Show in a soundproof, vision-proof -- I don't know what that means -- booth. But Andy, somewhere probably in your back pocket, what model of phone are you using these days? Okay, just to admit my mistake here is, I do not update my phone, David, very often. I thought you meant update the software to the phone. Well, and that happens so much more frequently, I understand why you would think that. But no, I was actually thinking, you know,

iPhone 14, iPhone 15, etc. Do you jump out and get the new model when it comes to that? I do not. However, I do have to say I have the most latest iPhone only because my youngest daughter asked Santa to deliver one for me.

Santa and his wily ways. Alright. Emily, just turning to you briefly, what model are you rocking these days? Do you feel pressure when Apple has that new conference or that new marketing thing with the season to get the new thing? I've never felt that before. And I'm the type of person, I take such terrible care of the stuff that I own, that I have only up until the last two months purchased used iPhones before.

And in the last two months, my iPhone did break, and I did make the decision to purchase also a new iPhone 16. So I am also sitting on a new model phone, and it is the first time I've ever done that in my life. And you both are a few cycles ahead of me, so well done. But let me get right back to it, Andy. Let's get inside the phone a little bit. Have you ever...

cracked open one of your phones and just investigated what's going on inside, maybe with a microscope, looking for some of the brands and doodads you can find inside your brand new iPhone that for some reason you cracked open? David, the only reason I would crack open my phone is if it fell off some high building, because I am not that technologically savvy. Well, had you done so, you might have seen applied materials.

a very long-standing, well-known company, integrally involved in tiny chips in many things around us. Oh my gosh! It's throwdown stock No. 2. This will be the final throwdown of our World Championships for stock No. 5.

Emily's body language, I won't say what it is because that would tilt our listeners and that's not fair to Emily. So, I'll just reiterate that both Andy and Emily have their pencils out. They are right now writing down their stated market cap range for applied materials, ticker symbol AMAT. A reminder, once they're ready, they're each going to give their range. You simply say Andy or Emily. And if you get it right, if they got it right, give yourself a plus one.

Alright, turning back to you first now, Andy. What is your stated market cap range for applied materials? David, I'm going to say between $65 billion and $85 billion. $65 billion to $85 billion?

Emily, what did you write down? I was really looking forward to Andy having to give the range and for me to have that 50% chance by just blindly guessing agree or disagree. But of course, it has to be a throwdown. It had to be a throwdown. So, I'm actually guessing not too far off base here from what Andy estimated, from $100 billion to $170 billion. $100 billion to $170 billion.

Players at home, I'm going to give you three seconds. Call out Andy or Emily. Who do you agree with? Three, two, one.

David Gardner: And if you said Emily, give yourself a +1. This is a pretty large, successful, long-standing company. And I regret, I mean, I'm the guy picking Kinder Morgan and Peloton, and I'm missing Applied Materials. We're going to talk about that in a sec. But let's be clear, the market cap for Applied Materials, $124.82 billion. So, inside Emily's range of $100 billion to $170 billion. Emily,

You're okay sometimes not just saying agree or disagree? Sometimes I guess I am, I will say. When you said Apple, I just thought to myself, well, I have to go north of $100 billion if they're dealing with Apple, right? Right. Our site, by the way, says that this stock, ticker symbol AMAT, since it's IPO, I'm going to assume we have this right, but maybe we rounded it wrong, is up 268,869.44%.

It was an early IPO for a little thing called the National Association of Securities Dealers Automated Quotations, one of NASDAQ's earlier IPOs. Yep, NASDAQ in 1972. So, yeah, this company has been, this is one of the great companies of California, Silicon Valley, and semiconductors. And, why didn't I pick this stock? By the way, you've never missed great companies. You can always buy them today. Not saying you should run out and buy applied materials, but

You could do worse. Okay. By my count, it's Emily four, Andy one. By the way, each of the final four matches had a four to one score and a comeback in the second half. But it is halftime. Now, in the past, we've had marching bands. We've had music concerts for our halftimes. I can't remember. Rick, did we once have a magician? No.

But this year is special. It's 2025, and as I shared at the start of the year, my 2025 book, Rule Breaker Investing, is available for pre-order now. After 30 years of stock picking, this is my magnum opus. It's a lifetime of lessons distilled into one definitive guide. Now, each week until the book launches this summer, I'm sharing a random excerpt. We break open the book to a random page. I read a few sentences, so let's do it.

It's a brief, dramatic reading for your halftime entertainment. Here's this week's Page Breaker preview, three sentences from chapter 15. And I quote, speaking of circles, Warren Buffett has famously championed a related idea. One's circle of competence, an imaginary perimeter drawn around yourself. Your circle of competence contains inside it all the things that you know,

love, and care about. Areas where you're competent. Your money should be inside that circle, too. That's this week's Page Breaker preview. To pre-order my final word on stock picking shaped by three decades of success, just type Rule Breaker Investing into Amazon.com, BarnesandNoble.com, or wherever you shop for fine books. Thank you to everyone who's pre-ordered. That means a lot to me.

And that's halftime. The score is Emily 4, Andy 1. Let's move on to stock number six. Emily, earlier we got your impressions of Jason Statham, such as it was. Crickets. Crickets. And Gal Gadot. Slightly less crickets. Let's continue surveying your Hollywood affinity. Oh, no. So I'm going to try a name out on you, and let's play the word association game.

I'm going to say this Hollywood actor's name, and then you give me your very first word or phrase that comes to your mind when you hear it. You ready? Sounds good. Leonardo DiCaprio. Titanic. Did you know he's 50 years old? No. He just turned 50. Just at the end of last year. Titanic. Anything else come to mind? Leonardo DiCaprio. I'm not even asking movie titles. Like, is he a great actor? Um...

I would imagine so. I'm trying to remember the last time I saw him in a movie recently. I mean, I have seen Titanic, although that was pre-My Generation. Yes. And I'm thinking about, wasn't he in Romeo and Juliet? Also pre-My Generation. What is the most recent thing? Well, you know, he follows along with Martin Scorsese quite a bit.

Oh, that explains it then, my lack of knowledge. Was Wolves of Wall Street a Scorsese film? Of course. There's a number of others in recent years. It didn't start that way. My recollection is Scorsese did not do the Titanic. Pretty sure about that. Pretty sure it's James Cameron. But I'm thinking in particular of his 2004 movie, Andy, Emily, I haven't seen it, The Aviator.

Andy, you're nodding your head. Yes. Did you enjoy The Aviator? The story of Howard Hughes? Yes. Yes, very good. Howard Hughes, you mentioned. Howard Hughes Holdings, ticker symbol HHH, is stock No. 6. Two other words for you I could have asked are Bill Ackman. For anybody's impressions there, we'll talk about that in a sec. But turning to you now, Emily.

Howard Hughes Holdings, The Aviator, 2004. DiCaprio, by the way, did not win for that movie. Cate Blanchett won for Supporting Actress for that movie. It did receive five

Academy Awards Oscars that year. But forget about all that stuff. Ticker symbol, they've got three H's going on here. HHH. Howard Hughes Holdings, Emily, you don't look confident. I have to say, if you have to add that many H's to your ticker symbol, surely you're compensating for something. In my mind, this has to be a small market cap. I mean, I have quite literally until this moment never heard of this company. In fact, I'm checking to make sure it's not April Fool's Day and we're not just making up names of businesses. Not yet.

So, I'm going to go with a slightly wider but small range in terms of market cap of something like $1 billion to $7 billion. $1 billion to $7 billion for Howard Hughes Holdings. I mean, their ticker symbol is just the acronym of the company. So, I mean, there's some justification for all those H's. Andy, players at home, Emily said $1 billion to $7 billion. First of all, Andy, any thoughts just about Howard Hughes or Holdings?

The company named after him. Yeah, so I followed this company many years ago. It's a real estate company. And now Bill Ackman's trying to buy it or merge with it, with Ackman, his company. But I have not... Pershing Square. Pershing Square. Hedge fund guy. Re-released it on a different ticker, on different exchange. And I've not followed up on it, though.

However, I do think with that wide of a range, I do think it is like sub $10 billion-ish, and I'm going to agree with Emily. Also, I'm down 4-1, so why wouldn't I agree with the person who's really just handed it to me today? There could be logic there. Player at home, do you want to agree with that logic, agreeing with Andy, agreeing with Emily, or do you want to disagree?

Well, if you agree, give yourself a +1, Andy. 2, Emily. 4, +1 for you, Andy. It's $3.66 billion. Emily, right about the midpoint of your range. Yeah. So, Bill Ackman, the longtime hedge fund manager, said he wants to turn Howard Hughes Holdings into a "modern-day Berkshire Hathaway."

So that is his wild proposal. And if he were to do, let's say, even one-tenth of that, people are going to get to know the HHH ticker symbol a lot better in future years. Andy, do you remember Ackman shorted Herbalife? Remember that? I do. Oh, yes. Like 2017. Very, very publicly shorted. Yeah, he took a billion-dollar short position against Herbalife. He made quite a big deal about it. Yeah, very public. And that was his MO. Not quite as much. He's a little bit...

more into different things this day. But yes, back then, he was very publicly shorting and aggressively against that. And it went up for a while, and it was volatile. I don't think many people follow Herbalife anymore. I needed to look this up. Ticker symbol, I think, HLF. It's now below $1 billion. So, this is a company losing relevance and any kind of currency in our modern era, 2025. Anyway, you know,

Ackman owns a lot of Chipotle these days. And yet, I think we have a lower cost basis than wherever Ackman would have entered. Because hedge fund guys tend to jump in and jump out quite a lot more than I think most of us should. And Rick Munar has picked...

Chipotle at $1.21 split adjusted in January 2007. So, I don't know, memo to Ackman, check your cost basis. I think we're winning. Thank you, Rick Munarriz. But speaking of winning, Andy, you got one back. The comeback is on. Let's move to stock number seven. Andy, really simple question for you to start this one. Where are we broadcasting from today? Alexandra, Virginia. That is true. Stay with me another minute. What is a common two-word phrase that

that people would use when they're talking about land with a building on it. You know, like this land and this building. What's the phrase that starts with an R? Real estate. Alexandria real estate. Last one for you, Andy. The work that we do from this Alexandria real estate deals with stocks, shares, ownership, holdings. What's the synonym for stocks? Give me the right answer and I'll stop bothering you. Companies? Close, but not quite. Starts with an E.

Excellent. Andy, you have just said the name of stock No. 7, Alexandria Real Estate Equities. The ticker symbol is ARE. Do you know anything about this company? All I know is the ticker symbol is ARE, and that's it, because I always thought that's funny just with R, ARE. Yeah, ARE. Alexandria Real Estate Equities is stock No. 7. Let's cut right to the chase here, Andy. What is your stated market cap range?

for Alexandria Real Estate Equities, ticker symbol ARE? I'm going to say $4 billion to $10 billion. I'm following Emily's playbook by going a little wider. Starting to widen the ranges a little bit. I will say, and I said this to you both offline before we started, having fully prepared the show ahead of time and randomizing the stocks from the full 500, 500 of the most popular stocks with our members, and I just randomized two numbers each time for each of the 10 slots, and I just decide which is the more interesting stock.

Having done that for this whole show, and I still know what's coming, I would say this is maybe the single most brutally difficult market gap game show I have ever produced. And it's for you both for our world championships. It seems like that's okay. Well, that's the reason why Emily's beating me so badly. Diabolically humble. Well said, Andy. Let me turn back to you now, Emily and players at home. Andy said $4 billion to $10 billion for ARE.

I can't squash this little voice in my head that screams every single time anybody says anything that I should just disagree with them for no reason. And similarly to what I think Andy is implying here, I am not overly familiar with Alexandria Real Estate equities, other than their ticker symbol, which I've always enjoyed. But when you hear real estate, surely we're talking bigger. And for some reason, and I cannot squash that little voice in my head that just screams at me to disagree all the time.

And for the risking it for the biscuit, again, I'm going to disagree. Alright, Emily has disagreed. What about you at home? Alright, you did that. Give Emily a +1 because it is bigger than Andy was thinking. It is outside Andy's range. $16.93 billion.

for this real estate investment trust. That carries the score to Emily 5, Andy 2. We're in Alexandria, sitting on real estate talking equities. This is kismet. This needed to happen. But I will admit, I didn't know that much about this company.

I do not know really much about this company at all, except for the symbol. Well, I know Matt Argersinger is probably angry that he wasn't given Alexandria Real Estate equities on his market cap game show. And I think you're right about that. Just to correct any misconceptions here, this company is actually based in

In Pasadena, California. It has nothing to do with Alexandria, Virginia. If you go to the website, you'll see they just sort of love the classical library of Alexandria, ancient Egypt. That's the allure for them of Alexandria real estate equities. It's a REIT. That means it's required to pay 90% of its taxable income each year out as dividends. As a consequence, it has about a 5.5% dividend yield.

This company focuses on corporate campuses for life science companies. So, a lot of pharma, a lot of biotech, a lot of California in this portfolio. Also, not the best business these days. Here at Fool HQ, we've kept one floor of a building we used to have four floors in. That's where our studios are today. Commercial real estate, a little bit under-seized still in our society. And if you're building out corporate campuses,

for big life science companies. I mean, I guess people do have to go into the labs, right? You can't mail it in, white-collar worker from home, unless, I don't know, maybe you're like their marketing person. I'm now having flashbacks, and I'm kicking myself, because as you're talking, I'm remembering, I believe, Alexandria Real Estate Equities was a recommendation earlier in the days of Blastoff, our growth-oriented portfolio here at The Fool, which has since been retired. But

You're right. I remember a lot of the thesis was that life sciences still requires a physical footprint to complete so much of what they do, not to the extent of it may be needed historically, but certainly where the fear over commercial real estate was maybe a little bit

overblown with a lot of their clients. Well, it wasn't just blast-off 2022, although it was dividend investor, as you might imagine, also had the stock. This has not been a great stock pick. So, just to look back over the last 10 years, from 2015 to 2021, it went from $100 to $200 a share. And you still have that dividend yield. You're feeling great.

2022 to 2025, it's gone back from $200 back to $100 a share. Again, it still has that yield. And who knows what the future holds? I think we're in an unstable place right now where we're not really sure. In the same way, we can't figure out whether college sports should be fully professional or not. This is very confusing. March Madness this year for a lot of fans. I also think as a society, we're trying to figure out what is the meaning of being at work?

Well, one thing we're clear about, Emily 5, Andy 2. Now, Andy, by math, it looks to me like you're going to need to get these next three. And I'm not going to put pressure on you any more than you're already feeling as we move on to stock No. 8. Emily, I'm not one of those people who tries to make puns a lot of the time, so this is maybe my one pun for 2025. You ready? I've been prepared for this my entire life. Excellent. Emily, after that last one, that last stock, are you feeling --

Reedy, for more? I guess I am. Yes, you are. Alexandria Real Estate Equities, as I mentioned, is a REIT. Now, it's nowhere near Fool HQ, but one of this real estate hospitality company's noteworthy properties

Emily, have you ever been over to National Harbor here in the D.C. area right across the river in Maryland? I have. We actually had Fula Palooza there last year. I knew you had. Gaylord National Resort and Convention Center is one of Ryman Hospitality Properties'

Properties, ticker symbol RHP. It has a casino over there. Does that have any allure for you, casinos? It really doesn't. I mean, I can find so many creative ways to lose money, and different ways. Yeah, more fun. More fun ways. Than pulling a one-armed bandit, or just rolling dice and watching your money go away. Okay. Well, that's a small part of this company's business. It's a storied history. We'll talk about that in a sec. But more of the point, it's the Market Cap Game Show. Emily, what is your stated market cap range for

For Ryman, that's R-Y-M-A-N. People in Nashville, Tennessee know how to spell this. Ryman Hospitality Properties, ticker symbol RHP. I'm not going to speak too much as to not give Andy any hints here. I'm going to say $10 billion to $20 billion. $10 billion to $20 billion. Andy, have you ever been to the Grand Ole Opry? I have, David, years and years ago when we were looking at Vanderbilt.

That's awesome. One of my kids went to Vanderbilt, and that's how I got to know Nashville. And I've really enjoyed my visits to Nashville. He's now graduated, but it's a beautiful place and a beautiful school. It is. It's fantastic. My dad loves country music. I was really not so much into it, but he was, and I love my dad. That's great. $10 billion to $20 billion is what Emily said. I am really torn here, team, because...

agreeing with Emily just in general is always a good thing to do, but this one just seems a little bit just one that we don't know very well. He's, I don't, so I'm going to disagree. All right. I won't say yet what that means, but I would like to point out, Emily kind of went with big round numbers. I mean, you know, Emily. It's a dead giveaway, isn't it? Yeah, 10 to 20. Like, throw us an 11 or maybe like a 10 and a half or something. Players at home, Andy disagreed with Emily's range, 10 to 20 billion. What are you going to do?

And if you disagree, give yourself plus one, because Emily overestimated the size of Ryman Hospitality Properties by about a factor of two, $5.73 billion market cap for Ryman Hospitality

properties. Let me just read the one paragraph take. This might have been off Wikipedia when I was doing this research last night or off the company's website. It's just fun sometimes to understand, to hear the stories of businesses. So, Ryman Hospitality Properties, headquartered in Nashville, Tennessee.

is a real estate investment trust specializing in upscale hotels and entertainment venues. Its origins trace back to 1925 with the founding of WSM Radio and the Grand Ole Opry. In 1983, the company, then known as Gaylord Entertainment, acquired WSM, bringing the Grand Ole Opry and associated businesses under its umbrella.

Over time, Gaylord Entertainment expanded into hospitality, constructing large convention hotels like the Gaylord Opryland Resort and Convention Center. In 2012, the company sold the Gaylord Hotel's brand and management rights to Marriott.

Restructured then as a real estate investment trust and rebranded as Ryman Hospitality Properties, retaining ownership of its properties and iconic assets like the Grand Ole Opry and Ryman Auditorium in Nashville, Tennessee.

The stories are so fascinating. This is why, as business-focused investors, it's just great to get under those because you learn so many things. I do have to say, I just have never, ever looked at this company. So, that was a pure gas sampling. And we've had many a Fool event right over there at National Harbor for members and sometimes for ourselves. So, we're walking around the product and kicking the tires a little bit. But I agree with you, Andy. I needed to do my research. I didn't realize, for example, this company started in

in 1925. That's exactly 100 years ago today. I, too, love to geek out about corporate histories. In fact, I'm kind of sad that so much history taught in schools at every level is largely about, why did World War II start and/or memorize the presidents? We're kind of missing, to me,

The opportunity to teach our kids the incredible iconic stories of things like the Grand Ole Opry or Apple. I think there should be like eight to ten corporate histories that everybody knows growing up in the United States of America that tells the story of diversity, it tells the story of risk, it tells the story ultimately of enterprise and success. The vast majority of the United States of America is

Private sector, not public sector. And I think that's a strength that always has been of our society. I do think enterprise, for me anyway, would be one of America's five core values. So, yeah, let's teach these corporate histories. I'm glad that you enjoyed geeking out with it as well, Andy. Let's return to the game show now. I will mention, by the way, stocks up 50% over the past 10 years. Alexandria real estate equities, last 10 years, 0%. A little bit of a lower yield, 4.9% for Ryman. Spoiler alert.

David Gardner: There will be no more REITs in this episode of the Market Cap Game Show. Stock No. 9. Andy, does it make a difference to you today when you see a stock is listed on the New York Stock Exchange versus the NASDAQ? Andy Cross: Between those two, it does not. Did it ever? Not really. And I think you're like me and like many investors these days, especially maybe in contrast to 30 or 40 years ago,

Like, what's the ticker symbol? Because I need to do that to put in my buy order. And back in the day, Andy, as you'll remember, most NASDAQ companies would have four-digit ticker symbols, and New York Stock Exchange would be one, two, or three. Now, it's kind of intermixed, and it's all a little confusing. And I'm not sure people, individual investors, care anymore. But I'll tell you this, the New York Stock Exchange is pretty competitive with the NASDAQ and vice versa. So, somebody cares.

And in fact, I was just checking, if you were to say, what's the value of the NASDAQ brand versus the New York Stock Exchange brand? If you're actually thinking about these companies, because both of them are publicly traded companies, you might start doing what I did, a little research here, and say, well, out of curiosity, how is the New York Stock Exchange composite index performed against the NASDAQ composite index? Because while you and I may not care about HHH being on whatever,

exchange these days. Nevertheless, brand association, you're a this company versus a that, could matter. We're going to talk about the performance of the NASDAQ composite versus the New York Stock Exchange composite in a minute. But more to the point, Andy Cross, NASDAQ is a public company. The ticker symbol is NDAQ, and that is stock No. 9. Now, Andy, you're down 5-3. You need this one, too. I'm wondering what you think the market cap range is that you're comfortable with.

For NASDAQ, ticker symbol NDAQ. Oh, goodness gracious. These all start to blend together, these exchanges. So NDAQ, I'm going to say between...

$70 and $90 billion. $70 billion to $90 billion. Emily, have you ever bought or sold a NASDAQ stock? Oh, I definitely have. And unlike Andy, I do have some kind of internal biases, and not for or against in terms of quality, but I imagine NASDAQ, in my mind, is just tech-heavy.

And I don't know if that is still necessarily the case the way it was even just a few years ago, but I imagine New York Stock Exchange, they're the well-rounded, diversified, solidly profitable, slower-growing companies. And NASDAQ, that's where the wild stuff happens. I'm sure that's not how it happens in reality, but that's how it happens in my head.

And I found myself nodding, generally, throughout. Emily, Andy said $70 billion to $90 billion. Do you want to agree with his range or disagree with his range? I know the Nasdaq is wild, but that might be a wildly high market cap estimate in my mind. I don't know why I'm imagining its market cap is smaller, but I am. And so, again, the biscuits have worked. So, I'm going to disagree. Emily has disagreed. What about you, player at home?

Alright. And we have a new world champion of the Market Cap Game Show, because no matter what Andy does with No. 10 -- although, Andy, we always say, people tend to remember that last one. So, you have an opportunity to immortalize yourself with stock No. 10. But, Emily was correct, it is a smaller company. NASDAQ is $42.10 billion, $42 billion enterprise. By the way, female CEO, which is always worth pointing out, especially in what one

Once was, anyway. Kind of a Wall Street old boys network. But Adina Friedman has done an excellent job. In fact, I recommended this stock shortly after she became CEO in 2017. Happy to say it's up 325% for our Stock Advisor members. The real question, though, is...

I mentioned earlier, New York Composite vs. NASDAQ Composite. Just for the fun of it, if you count from 25 years ago, and those who have been around for a while as investors remember that March of 2000, 25 years ago, was kind of a major peak for the markets. I think the NASDAQ touched over $5,000 that month and slid.

badly in the succeeding years. But it's just sort of fun to note that over the last 25 years, the New York Stock Exchange composite is up 200%, and the NASDAQ composite is up 275%. So, it has outperformed, even after a huge dip initially. Worth adding as well, maybe just the last decade, the NASDAQ composite up 250%, the New York Stock Exchange composite up

75%. Now, the real question, though, friends and Fools everywhere, is, has NASDAQ outperformed the NASDAQ? And at least for the stock pick that we made in 2017, very happy to say, yes. The NASDAQ itself is up 250% over the last eight years. NASDAQ stock, NDAQ, up 325%. So, headliner from this week's World Championship,

NASDAQ has outperformed the NASDAQ.

This is one where I thought the brand bigger than the business. But still, a $40-50 billion company is still an outstandingly large enterprise in this world, and it speaks to the innovation that Nasdaq has brought to the world. You're right. If you look up Adina Friedman on YouTube, I think the No. 1 hit these days is a video she did on Bloomberg just a few months ago. She's there with a Bloomberg guy and Alex Rodriguez.

A-Rod of baseball fame. And she's pitching them on the idea that more sports teams should go public. Now, that obviously would help NASDAQ's business. Why not IPO on the NASDAQ? But she's like, fans should be owning a part of their teams far more than has existed in society today. So, she's out there. She's done a great job. By the way, for people who are Divi-inclined, 1.5% dividend yield as well for this

winning stock. Well, we're about to move on to stock No. 10. But let me just mention that if great stocks that outperform are your kind of conversation, and if you're ready to take your investing chops to the next level, head over to www.fool.com sign up to join Motley Fool Stock Advisor. That's our flagship investing service, which covers, among many stocks, NASDAQ.

As a Stock Advisor member, you're going to get two new stock picks each month, rankings of a whole scorecard of companies, and access to all episodes of our premium podcast, Stock Advisor Roundtable.

That show, by the way, only available to premium Motley Fool members. It focuses on Foolish recommendations, takes a deeper dive into the businesses we cover, featuring Fool analysts like the ones you're getting to enjoy today. By the way, my brother Tom also appears regularly on bonus episodes of Stock Advisor Roundtable to discuss what's new in the Stock Advisor universe and to answer questions sent in from Motley Fool members. So get started.

Get started investing the Foolish way today, www.fool.com/signup. The score is Emily 6, Andy 3. And yet, Andy, as we talked about, people may tend to remember just this one even more than the world's -- I don't know, we'll see. Stock No. 10, Emily, turning to you when I say this phrase, $0 revenues. Speaking about a public company,

First off, have you ever owned or recommended these types of development stage companies? No, not that I can remember of. Pre-revenue companies are just one step too far, even for me. Do you find yourself interested at all? Sometimes. I can love concepts, but I view that as my version of going to the casino, right? It's gambling money. At that point, I'm making a bet, not an investment.

Well, Viking Therapeutics, headquartered in San Diego, California, is a clinical stage biopharma company dedicated to developing novel therapies for metabolic and endocrine disorders. Now, the company's pipeline includes VK, that would be for Viking, presumably, VK

2735, which is targeting obesity and metabolic disorders. Now, there are lots of things targeting obesity these days. We'll talk about this more in a minute. But it's shown promising results in early clinical trials. $0 revenues for the most part here. Emily, what is your stated market cap range for Viking Therapeutics, ticker symbol VKTX? So, I'm going to do something a little fun here, since I have nothing to lose at this point. It's true.

I'm actually pretty familiar with this company because not too long ago in Stock Advisor, we took a second look at Novo Nordisk, another weight loss-oriented, GLP-1-based drug company that you had initially recommended, David, a number of years ago, back when the narrative was diabetes, not weight management. That is true.

And Viking Therapeutics, I have recently looked into as a potential up-and-coming competitor to Eli Lilly and Novo Nordisk, those other GLP brands. Regavi, Ozempic, all of these big brands these days. Exactly. And Viking Therapeutics is trying to be next. Now, I'm not 100% sure. I'm fairly confident about where its market cap may be. And I'm going to give a tight range that will now force Andy...

to figure out exactly where he falls in it. If I'm just barely missing it, if I'm massively missing it, or if it's within the range. So, I'm going to say $3 billion to $3.43 billion. $3 billion to $3.43 billion. Taking it out to two decimals after being roundly criticized for round numbers 10 to 20 earlier this show. Well, I had the crisis of faith about halfway through there. So, I started with three, and then I thought to myself, why not go whole hog?

Well, and I admire that you've done that. I love that you write, you have nothing to lose. Andy, in some senses, you have nothing to lose either. Have you ever looked at Viking Therapeutics? No, and actually, I believe it's a relatively recent re-recommendation. So, I may have, should have studied it, but, you know, we have a new world champion.

I'm a partner with Emily in so many things we work on here at The Motley Fool. So, if she's going tight, and if she wins in this last question, I want to win. And if she goes down in flames, I want to go down in flames. So, I'm going to agree with Emily on the tight range for Viking Therapeutics. Alright. And she said $3 billion to $3.43 billion. Now, Andy has agreed. Player at home, what do you think?

Alright, that's what you think. And if you agreed with Emily and Andy, give yourself a +1. Andy, you get that +1. Even though Emily demonstrated, I would say, outstanding cognition, precognition. I'm not even sure what you just did. It's $3.40 billion. No, it's not. Just under your 3.43 billion. Very tight range, the high end of your range.

That was a remarkable call, especially for somebody who said she doesn't really look at pre-revenue companies. No, but as a competitor to a company that is, I know, a $200 billion-plus recommendation, I know it's important to keep an eye out for who could be that next up-and-coming entrant in this space. And there is so much competition that Viking Therapeutics, for better or worse, has been one I've been keeping my eye on. That being said, I knew it was somewhere around $3 billion. I had no clue to the positive or negative around there. So, that

It was just sheer luck. That was remarkable. And Andy, great call. Players, again, if you agreed, give yourself a plus one. Our final score is Emily six, Andy four. Of course, we're very curious what your final score was, dear listener. I'm confident there's at least one person out there that could

They could put their hand up on social media and say, I actually had seven-plus. And if that's true, you can give yourself a world champion's ring. Now, not as attractive or heavy as the crown we'll be handing Emily shortly, or the gaudy oversized ring that is part. Andy's going to have to remove from his hand and put onto yours, Emily. But congratulations to Emily Flippen. Let's just close it out on Viking Therapeutics. The company, by the way, has about $900 million in the bank. It's burning hot.

Less than $100 million a year, right around there. So, you can see, even though they don't have revenue or income yet, they've got enough of a balance sheet to go

a burn rate low enough that they can go for a while. Karl Thiel on our Rule Breakers team recommended the stock in January at $32. It's $29 now. Everything's down from January. But he was identifying especially that in this, I would even say, is this getting overcrowded, the obesity market? But he said, you know what this company's doing? Those are all injected. Those are all shots that you're taking. This company can turn its solution into an oral pill. And

And so, interesting company to follow. I knew nothing about it until I randomized the Tickersable VKTX and it became stock No. 10. Alright, well, that was a lot of fun. I really enjoy March every year. As a college basketball fan, I've always loved it. But as a Market Cap game show fan, these last couple of Marches have been really special. I want to thank you both.

for doing a couple of episodes with me this month. You won your first one and then came to this one for the World Championship. And I'm going to turn to you, Andy. Do you have a last parting line before you go? Well, this is one of the greatest accomplishments in my life, to be the champion for the past year and

I thoroughly enjoy traveling around the country and meeting with so many great people, fellow investors out there. But I am very happy to pass the crown to a great champion in Emily and congratulations to her.

Very gracious. Emily, a last line from you. Oh, this is very kind from Andy, and I'll take my moment of glory, though I will say again that little voice in the back of my head is reminding me that the only way to go from here is down. Well, thank you both. But Andy and Emily and I know that we're not playing this game for each other. We're playing it for you. How did you score, dear Fool, dear listener at home? We hope that you outscored

All of us. The purpose of the market cap game, shown especially of March, market cap madness, is to make more popular -- now, I'm never going to say as nationwide popular as, I don't know, basketball tournaments or the Super Bowl -- but to make more popular market caps, the real value of stocks on the market that most people don't understand. Most people just look at the price per share of the stock. They don't really see the market cap.

But now you do, because you just listened to us for an hour, maybe even for a whole month, talking about market caps. I hope you scored at least a few points this week and maybe beat one or both of our competitors. Andy, Emily, you both acquitted yourselves so well. You've helped make the world smarter, happier, and richer. Emily, congratulations. I see Andy removing the ring. It's really oversized. I can't even lift the crown across the table here in the studio, so we'll have to do that afterwards.

But a foolish high five for me, in addition to the ring and the crowd, for the year 2025 and reigning until this time next year. You are the Market Cap Game Show World Champion. Andy, Emily, thank you both. Fool on. Fool on. Fool on. Fool on.

As always, people on this program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Learn more about Rule Breaker Investing at rbi.fool.com. I am now going to eat my piece of humble pie. My humble 3.14. Yes!